The Boston Herald has analyzed home sales prices in “toney towns” like Wellesley and found that while sales are up, prices are down.
In Wellesley, according to the Herald’s research, house sales are up 28% over last year but median prices have slumped 2.8% to $867K. That’s a lower drop than seen in Brookline, Dover and other communities whose numbers the Herald analyzed. Some towns, like Newton and Lexington, managed sales and price increases year over year.
Earlier this month the Boston Globe also analyzed sales of “tony towns” (different spelling), in light of tumbling jumbo mortgage rates, and found that people were having a hard time finding bargains in the Wellesleys of the world despite what’s supposedly a buyer’s market. Although even some filing for bankruptcy have managed to afford homes in Wellesley despite the high prices.)